Issue 142 (Week ending 02/09/2012)

Between the 1st and 28th August 2012, 165 Irish companies were declared insolvent, an average of approximately 6 per week.

99 of these companies had a liquidator appointed while another 64 entered receivership. The remaining two companies were placed under the protection of the courts when they had an examiner appointed to them.

The figure for insolvencies this August is down 13% on the same period in 2011 - 190.

Unsurprisingly the majority of insolvent companies this August were based in Dublin (42%). Limerick was second in the list and accounted for 14% of insolvencies with Meath representing a further 5%. Cork, Galway and Mayo contributed a further 4% each.

The continuingly tough economic conditions have also been reflected in the figures for company start-ups and closures this year.

8,184 companies were registered in Ireland in the first seven months of 2012. However, company closures are up 6% on this figure (8,664) essentially meaning a contraction in the number of companies operating in our economy.

328 Judgments were awarded to creditors in the first four weeks of August worth €34.3m. €32.3m of this total was awarded against consumers. The Revenue Commissioner, Credit Unions and Banks were among the plaintiffs that were awarded the majority of the awards.

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